Digital banking app Revolut reportedly plans to continue investing in its cryptocurrency offering, despite the crash of crypto markets that has caused this stream of revenue for the company to nearly dry up.
Revolut is still investing in crypto, has grown its crypto team over the last two years and continues to improve its app’s ability to help customers buy and sell crypto, Bloomberg reported Wednesday (Nov. 2), citing a Bloomberg TV interview with Revolut CEO Nikolay Storonsky.
The company’s cryptocurrency offering now accounts for less than 5% of Revolut’s revenues, down from 30% or 35% in 2021, Storonsky said in the report, adding that this “is quite sad from my point of view. I think crypto has a lot of potential for financial systems.”
PYMNTS has reached out to Revolut for comment.
As PYMNTS reported Oct. 27, the company is giving Revolut card customers a way to use their crypto balance to pay for eCommerce and in-person purchases.
“We made a change to our Crypto T&Cs [terms and conditions] to include a new ‘spend from crypto’ feature, letting you use your cryptocurrency balance to pay for everyday purchases on your Revolut card,” the company wrote in an Oct. 27 notice sent to Revolut customers.
The notice also indicated that starting Nov. 1, and for a limited time, customers will also be able to earn 1% cash back on all their crypto balance spent.
Revolut is bringing these services to a lot of customers. When it celebrated its seventh year as a company in July, Revolut also hit a milestone of 20 million customers, 250 million monthly transactions and a global workforce topping 5,000 employees.
“When we started Revolut seven years ago, we wanted to give people more control over their financial well-being through the use of our technology, offering a service that addresses all their financial needs in one place,” Storonsky said at the time.
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